## **FLAT IRON FUND**
**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 AUGUST 2021**
**REGISTERED CHARITY No. 1178402**
## **FLAT IRON FUND**
## **ANNUAL REPORT AND FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 30 AUGUST 2021**
## **CONTENTS**
||**Page**|
|---|---|
|Legal and Administrative Information|**1**|
|Trustees' Annual Report|**2 - 3**|
|Statement of Financial Activities|**4**|
|Balance Sheet|**5**|
|Notes to the Financial Statements|**6-8**|
## **FLAT IRON FUND**
**LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 30 AUGUST 2021**
## **Reference and Administration Details**
Full name: Flat Iron Fund
Registered Charity number: 1178402
Principal office in the UK BDB Pitmans LLP One Bartholomew Close London EC4A 7BL Trustees: Charlie Carroll Sophie Carroll Ian Anderson
Page 1
## **FLAT IRON FUND**
## **ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 AUGUST 2021**
The trustees submit the annual report and financial statements for the Flat Iron Fund ( the 'Fund') for the year ended 30 August 2021. The trustees confirm that the annual report and financial statements of the Fund comply with the current statutory requirements, the Fund's governing document and the provision of the Charity Statement of Recommended Practice ('SORP') effective from 1 January 2015, and FRS 102, 'The Reporting Standard in the UK and Ireland'.
## **Objectives and Activities**
The Flat Iron Fund was created as a Charitable Incorporated Organisation (CIO) and registered with the Charity commission on 16 May 2018.
The objects of the CIO are to advance for public benefit, by the provision of financial assistance:
- the prevention of relief or poverty, distress or suffering, including by supporting international relief and crisis alleviation;
- the relief of sickness, both physical and mental, and the preservation and protection of good health;
- the advancement of education;
- the promotion of rural or urban regeneration in areas of social and economic deprivation;
- the promotion of conservation, protection and improvement of the physical and natural environment;
- the promotion of humane behaviour towards animals and;
- the promotion of social inclusion, by preventing people from becoming socially excluded, relieving the needs of those people who are socially excluded and assistin them to integrate into society.
The Trustees have given due consideration to the general guidance published by the Charity Commission relating to public benefit.
## **Main activities undertaken to further the Fund's purposes for the public benefit**
During the year, the Fund received £0 (2020 £241,516) in donations of which £0 (2020 £181,137) was donated by Flat Iron Steak Limited ('Flat Iron') and £0 (2020 £60,379) by guests dining in Flat Iron restaurants.
The Fund gave 44 grants to 42 organisations amounting to £5,800 (2020 £210,311) in the year.
## **Structure, Governance and Management**
The Fund is a Charitable Incorporated Organisation (CIO) whose only voting members are its Charity Trustees.
In accordance with its constitution, the Fund is required to have a minimum of three, and a maximum of seven, trustees. Subject to provisions in the constitution, the three founding trustees are entitled to hold office for an initial period of five years. New trustees are selected by the existing trustees on the basis of knowledge, experience and suitability. Training is provided by existing trustees.
Page 2
## **FLAT IRON FUND**
## **ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 AUGUST 2021 (Cont'd)**
## **Financial Review**
The Statement of Financial Activities shows total income for the year of £0 (2020 £240,516). Expenditure for the year was £5,884 (2020 £210,371), resulting in a net decrease in funds of £5,884 (2020 net increase of £30,145).
## **Responsibilities of the Trustees**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity law requires the trustees to prepare financial statements for each financial period that give a true and fair view of the state of affairs of the Fund and of the incoming resources and application of resources, including the income and expenditure of the Fund for that period. In preparing those financial statmeents, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements and;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Fund will continue in operation.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the financial statements comply with applicable law and regulations. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Signed on behalf of the trustees:**
**Date:**
Page 3
## **FLAT IRON FUND**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 AUGUST 2021**
|**Notes**
**Income and Endowments from:**
Donations
2
**Total Incoming**
**Expenditure on:**
**Charitable Activities**
Grants
3
Support costs
7
**Total Expenditure**
**Net income/(expenditure)**
**Net movement of funds**
**Reconciliation of Funds**
Fund Balances brought forward
**Total Funds carried forward at 30 August 2021**|**Year ended**
Year ended
**30-Aug-21**
30-Aug-20
**Unrestricted**
Unrestricted
**Income Funds**
Income Funds
**£**
£
**-**
240,516
**-**
240,516
**5,800**
210,311
**84**
60
**5,884**
210,371
**(5,884)**
30,145
**(5,884)**
30,145
**31,145**
1,000
**25,261**
**£**
£ 31,145|
|---|---|
The notes on pages 6 to 8 form part of the financial statements
Page 4
## **FLAT IRON FUND**
## **BALANCE SHEET AS AT 30 August 2021**
|**Notes**
**Current Assets**
- CAF Bank Account
**Total Current Assets**
**Less: Creditors**
**Amounts due falling due within one year**
Grants committed
**Total Net Assets**
**Funds of the Charity**
**Income Funds**
Income Fund (unrestricted)
**Total Funds**|**Total Funds**
**30 August**
**2021**
**£**
**28,861**
**28,861**
**3,600**
**25,261**
**£**
**25,261**
**25,261**
**£**|Total Funds
30 August
2020
£
31,145|
|---|---|---|
|||31,145
-|
|||31,145
£|
|||31,145|
|||31,145
£|
The notes on pages 6 to 8 form part of the financial statements
Approved by the trustees on 2022 and signed on their behalf by
Sophie Carroll (also known as Sophie Ryan) **Trustee**
Page 5
## **FLAT IRON FUND**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 AUGUST 2021**
## **1. Accounting Policies**
## **Basis of accounting**
The financial statements are prepared under the historical cost convention. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The charity is a public benefit charity for the purposes of FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.
## **Critical accounting estimates and use of judgements**
In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements.
In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
## **Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in existence for the foreseeable future.
## **Fund accounting**
The charity maintains unrestricted funds. The unresricted fund comprises accumulated surpluses. This is available for use at the discretion of the trustees in furtherance of the charity's general objectives.
## **Income**
All donations are recognised when the charity is entitled to the income, the income can be measured reliably, and receipt is probable.
## **Expenditure**
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Grants and donations payable are payments made to third parties in the furtherance of the charitable objectives of the charity.
## **Cash and cash equivalents**
Cash and cash equivalents include cash in hand and deposits held at call with banks.
## **Critical accounting estimates and areas of judgement**
In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
## **2. Income**
No income was received during the reporting period (2020 donations of £240,516 were received).
Page 6
## **FLAT IRON FUND**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 AUGUST 2021 (Cont'd)**
## **3. Charitable Expenditure - Grants**
|**Charitable Expenditure - Grants**||||||
|---|---|---|---|---|---|
||**Registered**|**Year ended**||Year ended||
||**Charity No. 30 August**||**2021**|30 August|2020|
|||**£**||£||
|Adoption Focus|1129095||100||-|
|AKT|1093815||100||-|
|Alcohol Change UK|1140287||100||-|
|Alzheimers Research UK|1077089||100||-|
|Alzheimer's Society|296645||200||-|
|ANBUK|1178540||100||-|
|Blue Cross|224392||100||-|
|Bread and Water for Africa|1103138||-|105,311||
|British Heart Foundation|225971||100||-|
|CALM|1110621||100||-|
|Cats Protection|203644||100||-|
|Celia Hammond|293787||100||-|
|Centrepoint|292411||100||-|
|Charity Global UK Limited|1169228||100||-|
|Child Bereavement Fund|1040419||-|100,000||
|Crohn’s and Colitis UK|1117148||100||-|
|Cool Earth|1117978||-||5,000|
|Dementia UK|1039404||100||-|
|Dogs Trust|227523||100||-|
|Epilepsy Society|206186||100||-|
|Findacure|1149646||100||-|
|Haematology Cancer Care|1165398||100||-|
|Just A Drop|1100505||100||-|
|London Air Ambulace|801013||200||-|
|Macmillan Cancer Support|261017||300||-|
|Marie Curie|207994||100||-|
|Mind|219830||800||-|
|Nottinghamshire Women's Aid Ltd|513843||100||-|
|NSPCC|216401||100||-|
|One in Four|1081726||200||-|
|People and Planet|6417846||100||-|
|Rethink Mental illness|271028||100||-|
|Scottish love in action|SC030516||100||-|
|Shelter|263710||400||-|
|Shout|1175670||100||-|
|SLiDE|1164827||100||-|
|Stonewall|1101255||100||-|
|Street Doctors|1150925||100||-|
|Switchboard|296193||100||-|
|Terrence Higgins Trust|288527||200||-|
|The Cinnamon Trust|1134680||100||-|
|The Eilidh Brown Memorial Fund|SC042082||100||-|
|The Felix Project|1168183||100||-|
|The Flying Seagull Project|1152433||100||-|
|Unite Against Cancer|SC043017||100||-|
|**Total Grants**||**£**|**5,800**
|£ 210,311||
Page 7
## **FLAT IRON FUND**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 AUGUST 2021 (Cont'd)**
## **4. Trustees' remuneration**
During the period, no trustees received remuneration of benefits in kind (2020 None). No trustees received reimbursement of expenses in respect of work related to the Fund's activities (2020 None).
## **5. Taxation**
The Fund is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes.
## **6. Related party transactions**
Flat Iron Steak Limited donated £0 (2020 £181,137) to the Fund during the year ended 30 August 2021. During the year Charlie Carroll, a trustee of the Fund was also a director of Flat Iron Steak Limited and a shareholder in its parent company, FI Holdings Limited. During the year, Sophie Carroll, a trustee of the Fund was the spouse of a director of Flat Iron Steak Limited.
## **7. Support costs**
During the year, bank charges of £84 were paid from the Fund's CAF bank account (2020 £60).
## **8. Ultimate controlling party**
The trustees are the ultimate controlling party.
Page 8